Apple's revenue could exceed $400 billion in 2024, thanks to iPhone 16

Apple's September event to pull back the curtain on its iPhone 16 series is around the corner. While former reports have suggested that Apple has kept some of its best innovations for the iPhone 17, the company allegedly expects strong sales for the upcoming iPhones. In light of this, analysts believe Apple's revenue for 2024 could reach a record high.

As per a new report by Counterpoint Research, Apple's revenue in 2024 is expected to reach $400 billion for the first time, with the hardware and services segments contributing the most to the growth. The iPhone 16 series and Apple Intelligence could be the iPhone maker's catalysts for reaching this milestone.

Despite recent layoffs, Apple's latest earnings reports paint a rosy picture of the company's situation. For reference, Apple generated $85.8 billion in revenue in Q3 2024, exceeding all Wall Street expectations.

During this quarter, Apple made $39.30 billion from selling iPhones while services revenue was $24.21 billion. Mac, iPad, Wearables, Home, and Accessories also brought in nearly $22.27 billion in total. Apple's net income for the quarter stood at $21.45 billion.

According to Counterpoint Research's projections, Apple's hardware segment (consisting of iPhone, iPad, Mac, Watch, and AirPods) is expected to grow 3% YoY in 2024, with AirPods being the fastest-growing segment of the year. As for services revenue, the analyst firm says it can reach the $100 billion mark for the first time in 2025. For clarification, Apple's services include Music, movies, TV shows, stickers, books, and app purchases.

Counterpoint Research Director Tarun Pathak said:

"In terms of growth rates, and now with the advent of Apple Intelligence, the services segment does seem very exciting. It is poised to grow at a much faster rate than hardware. However, in terms of absolute revenue growth, hardware remains critical in pushing the needle considering it contributes to three-fourths of Apple's global revenues."

Counterpoint also believes the Cupertino-based firm might monetize Apple Intelligence, probably by locking some of its best features behind a subscription.

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